Buying a first home is a big step, and comes with its own set of unique challenges. Whether it’s finding the right property, negotiating with a seller, or getting a mortgage, there are plenty of factors that could trip you up along the way. To help you navigate these new waters, we’ve put together a list of tips that will hopefully make your first-time home buying experience a little smoother:
Location of the house
Buying a home is a big decision, and you should make sure you have considered the pros and cons of all aspects of the area you’re buying in. Your home should be located in an area that meets your needs for things like public transportation, schools, employment opportunities, and even proximity to family and friends.
Assess your affordability
How much can you afford? Buying a home is all about affordability. How much can you afford? Your monthly payment should not exceed 30% of your monthly salary. Your down payment amount should be 20% of the total cost. The remaining amount can be financed via a mortgage. Your credit score will affect the amount you can borrow.
Size of the lot
A quarter of an acre of land is good for a starter home. The size of the lot affects your monthly payment and premium for homeowners insurance. If you’re planning on building a pool, the size of the lot will also affect the size of the pool.
Age of the house
If you’re buying a used home, there’s no way to tell whether it had been in a flood zone. There’s no way to tell whether the asbestos had been removed from the walls. There is no way to tell whether the electrical wiring had been tested or whether the walls are lead-based. You cannot know whether the roof had been replaced, even if the seller assures you that it had been. If you’re buying a new home, the construction and installation are guaranteed. You can be sure that you’re getting what you pay for.
Consider The Neighborhood
Neighborhoods change over time. If you’re buying a used home, the neighborhood you’re buying in may no longer be the same as it was in the past. You can never know whether the school district will improve or get worse. If you’re buying a new home, the neighborhood you’re buying in will remain the same.
Number of bedrooms
If you have a growing family, you’ll need more bedrooms; depending on the number of kids, you may need to buy a bigger house. If you have elderly parents living with you, you may need a house with an extra room for them.
Use a trusted realtor
This is the person who knows the local real estate market better than any other person. A good realtor will help you locate homes that fit your requirements. You can also find realtors online.
Research the market before buying
Before you buy a home, you should research the local real estate market. A good realtor will be able to tell you if the market is rising or falling.
Duration of stay
If you’re buying a starter home, you may not stay in the home for years. If you’re buying a family home, you may be staying there for years. If you’re buying a starter home, make sure you’re staying in it for at least 5 years. If you’re buying a family home, make sure you’re staying there for at least 15 years. If you’re buying a starter home, you may not stay in the home for years. If you’re buying a family home, you may be staying there for years. If you’re buying a starter home, make sure you’re staying in it for at least 5 years. If you’re buying a family home, make sure you’re staying there for at least 15 years.